This chapter offers an analysis of the challenges for governments and the private sector in cybersecurity governance from a systemic perspective. It first identifies the challenges that the liberal international order, characterised by political liberalism, economic openness, and international cooperation, has faced in the area of cybersecurity governance. It also observes that there have so far been no successful global efforts to harmonise rules or create a unified regime. This chapter then emphasises how the private sector’s essential role as innovators possessing technological expertise is unique to cybergovernance and explains how the interplay of different actors, both public and private, has practical meaning for states and actors.